According to a Firstsource spokesperson, the company will use Nanobi’s analytics expertise to develop a white-label product that will be launched shortly. White-label products are made by one company but sold by others under different brand names.
Though Firstsource did not reveal the size of the deal, it said the amount used to fund the deal will reflect in the company’s results for the July-September quarter.
Nanobi was started in 2012 with a seed capital of ₹ 2-3 crore. It has a team size of 26 employees, which it is looking to increase to 45 by the end of 2014-15.
“We are looking to use funds for product development, and hiring a sales and marketing team. We are also looking to acquire 50 customers, and 500-1,000 subscribers on the Nanobi app store called Analytics Tree by end of the fiscal. Further, we are also looking at expansion to international markets by next year," said Mahesh Ramakrishnan, founder and chief executive officer of Nanobi.
The deal was first reported by The Times of India on Friday. According to that report, Nanobi, the two-year-old start-up founded by four former top executives of technology solutions company iFlex, offers analytics-as-a-service to enterprises on a cloud-based pay-as-you-use subscription model to improve operational efficiency and drive revenues.
At 1.58pm, Firstsource Solutions was up 1.46% to ₹ 41.80 on BSE, while the exchange’s benchmark Sensex index was up 0.08% to 27,134.39 points.